CZ (Binance) reignites the debate: Can Bitcoin truly become a global reserve? Key data, real obstacles, and concrete scenarios of de-dollarization, with updated reflections and supporting additions.
The dollar still dominates: despite the momentum of cryptocurrencies, Bitcoin is not ready to replace the US currency as a global reserve. Changpeng Zhao’s (CZ) intervention in Hong Kong has reignited the topic of de-dollarization, but the numbers and market structure indicate a long path, marked by technical constraints, heterogeneous regulations, and liquidity limits. It must be said that interest is growing, but the prerequisites for a global reserve remain challenging.
According to the public COFER data from the IMF updated to the first quarter of 2025, the dollar still holds about 58% of global currency reserves, a share that reflects network effects and market depth. Industry analysts and international reports also highlight infrastructural and stability limits that complicate the systemic adoption of cryptocurrencies as reserves, a point also emphasized in the analyses of the global regulators’ bank BIS. In our work, it is clear that the adoption of layer 2 is accelerating, but market depth and custody practices remain insufficient for a global reserve role.
During the Bitcoin Asia 2025 event in Hong Kong, the founder of Binance described Bitcoin as “digital gold” and reiterated confidence in its long-term role, while acknowledging the network’s technical limitations. The event, which according to some estimates saw the participation of 10,000-15,000 people, received widespread international media coverage, as also reported by the South China Morning Post. In this context, enthusiasm and caution went hand in hand.
The push towards a reduced dependence on the dollar stems from geopolitical motivations, technological innovations, and risk management strategies. An interesting aspect is that, even as alternatives and instruments grow, the dollar’s infrastructure and its liquidity primacy remain crucial for the confidence of operators.
In the short to medium term, a coexistence between the dollar, strengthened national currencies, and digital assets held in institutional portfolios is more plausible. In this context, adoption proceeds in small, often experimental steps.
The use of Bitcoin in cross-border payments could reduce time and fees, especially with the adoption of layer 2 solutions. It should be noted that, for effective implementation, strategies for hedging against volatility, secure custody solutions, and harmonized rules for compliance and reporting are needed.
While CZ’s optimism on Bitcoin contrasts with more cautious views, economists and institutions remind that reserve currencies benefit from strong historical inertia, mature markets, and a consolidated rule of law. For example, the IMF highlights that ongoing diversification does not quickly replace the dollar, while the BIS points out critical issues related to the scalability and stability of cryptocurrencies for systemic use in payments.
The de-dollarization progresses at different speeds and Bitcoin is gaining relevance as a scarce digital asset; however, amidst volatility, limited scale, and regulatory issues, the transformation of Bitcoin into a global reserve requires time, shared standards, and increasing institutional trust. In this context, the path appears gradual.
